Enter Coliving opens its capital and expects to surpass 500 rooms in 2024.
The coliving operator has added Paul Petermaijer, CEO of the developer New Amsterdam Developers, and Koos Teule, with more than fifteen years of experience in a Dutch private equity fund, to its shareholder base.
Enter Coliving wants to take advantage of the strong momentum in flex living. The operator, with 400 rooms under management, has just added Paul Petermaijer, CEO of the developer New Amsterdam Developers, and Koos Teule, with more than fifteen years of experience in the Dutch private equity fund Rivean Capital, to its shareholder base. Erwin Groenendijk, Adrià Creixell, and Christoph Rosenthal, founders of Enter Coliving, continue to hold the majority of the capital.
"The entry of Paul and Koos as shareholders will allow us to amortize part of the debt and allocate more resources to acquiring new supply," Erwin Groenendijk told EjePrime. "In addition, we will have two highly experienced profiles who will help us continue growing and achieve our goal: to establish ourselves as the leading coliving operator in Barcelona."
Enter Coliving, which was founded in 2019, currently has a portfolio of 400 rooms. The vast majority are located in Barcelona, although the company has already entered Valencia with two apartments. "It is a very interesting city, and we are confident that we can continue growing in this market in the short term," Groenendijk notes.
Looking ahead to 2024, Enter Coliving expects to reach a minimum of 550 rooms in its portfolio. This growth will come from two avenues: the alliance the company maintains with New Amsterdam Developers, which already owns seven buildings in Barcelona for operating its units, and dispersed growth through the acquisition of new apartments.
"We are seeing strong interest from both family offices and other large property owners towards flex living; the fact that we have more than four years of experience in the sector positions us as a reliable partner, so we are confident that in the coming months we will be able to close new agreements to incorporate more units," the executive explains.
The company is not closed to inorganic growth, and in fact, the entry of new partners into the capital has also increased the company's capacity to incorporate competitors. "Flex living is a booming market, and we see new players emerging, but we believe that by next year or 2025, there will be consolidation, so we will be very attentive to take advantage of the opportunities that arise," Groenendijk adds.